In 2019 Mary received a $700 refund of previously paid medical expenses that she deducted on...
In 2019 Mary received a $700 refund of previously paid medical expenses that she deducted on her 2018 tax return. Mary claimed $12,500 in total itemized deductions including $4,500 in deductible medical expenses for the 2018 tax year. What amount of the refund, if any, should Mary include in her 2019 gross income?
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In 2019 Mary received a $700 refund of previously paid medical
expenses that she deducted on...
- Assuming that Norma itemized deductions in 2019 (which totaled $27,700), how will the refund of...
- Assuming that Norma itemized deductions in 2019 (which totaled $27,700), how will the refund of 52,196 that she received in 2020 reated for Federal income tax purposes Norma will include s as income in 2020. c. Assume that Norma itemized deductions in 2019 (which totaled $20,000) and that she elects to have the $2,196 rend her 2020 state income tax liability. How will the 52,196 be treated for Federal income tax purposes? pled toward Norma will include as income...
Aaron, single, age 43, had AGI of $60,000 for 2019. He paid the following medical expenses...
Aaron, single, age 43, had AGI of $60,000 for 2019. He paid the following medical expenses in 2019: Hospital expenses - skiing accident $5,600 Doctor bills & Prescriptions 1,400 Surgeon to get a nose job (not related to skiing injury) 5,000 Medical expenses he paid for his child (claimed by his former wife as a dependent). 1,200 Nursing care expenses for Aaron’s dependent Father, including $600 for cable TV for his room. 6,000 Medical and dental premiums (his share), deducted...
Taxpayer Y paid local real property taxes of $4,500 and state income tax of $5,500 in...
Taxpayer Y paid local real property taxes of $4,500 and state income tax of $5,500 in 2018. Y claimed a total of $14,000 in itemized deductions on Y's 2018 federal income tax return. In 2019, Y received a $1,500 state income tax refund due to Y's overpayment of state income taxes in 2018. The standard deduction in 2018 was $12,000 How much of the state income tax refund will need to be included in Y's gross income in 2019?
Problem 5-55 (LO. 3) How does the tax benefit rule apply in the following cases? a....
Problem 5-55 (LO. 3) How does the tax benefit rule apply in the following cases? a. In 2018, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit for $1,000 to Sammy. The cost of the furniture was $600. In 2019, Orange took a bad debt deduction for the $1,000. In 2020, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2018, the 12% marginal...
Problem 5-55 (LO. 3) How does the tax benefit rule apply in the following cases? a....
Problem 5-55 (LO. 3) How does the tax benefit rule apply in the following cases? a. In 2018, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit for $1,00 to Sammy. The cost of the furniture was $600. In 2019, Orange took a bad debt deduction for the $1,000. In 2020, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2018, the 12% marginal...
Apply the tax benefit rule to determine the amount of the state income tax refund included...
Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2020. If an amount is zero, enter "0". a. Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions were $25,100, which included $7,000 in state income tax and no other state or local taxes. In 2020, they received a $1,800 refund of the state income taxes that they paid in 2019. The standard...
22. Sherry, age 40, whose filing status is single, paid state income taxes in 2019 totaling...
22. Sherry, age 40, whose filing status is single, paid state income taxes in 2019 totaling $3,200. Sherry di not pay any property taxes, sales taxes, or use taxes in 2019. On her 2019 federal income tax return, her itemized deductions totaled $12,600. In 2020, Sherry files her 2019 state income tax return and receives a $1,100 refund. a) Sherry must include $200 in her 2020 gross income. b) Sherry must amend her 2019 Federal income tax return to reduce...
Mary Jarvis is a single individual who is working on filing her tax return for the...
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $91,000 in salary. She received $18,500 of dividend income. She received $5,800 of interest income on Home Depot bonds. She received $22,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,700. She received $12,500 from the sale of Google stock that was...
50. Joanne, a single individual, has $2,000 in state taxes withheld from her salary in 2019....
50. Joanne, a single individual, has $2,000 in state taxes withheld from her salary in 2019. Her total itemized deductions are $12,400. She claims the $2,000 as an itemized deduction on her 2019 tax return. In 2020, she receives a state income tax refund of $700. Under the tax benefit rule, she has to report income in 2020 of: a. $2,000. b. $700. c. $200. d. $-0-. e. $-0-, but she must file an amended 2019 tax return and reduce...
Bill and Mary plan to marry in December 2018. Bill's salary is $105,000 and he owns...
Bill and Mary plan to marry in December 2018. Bill's salary is $105,000 and he owns his residence. His itemized deductions total $ 19 comma 000. Mary's salary is $86,000. Her itemized deductions total only $8,100 as she does not own her residence. For purposes of this problem, assume 2019 tax rates and standard deductions are the same as 2018. Requirements: A. What will their 2018 tax be if they marry before year-end and file a joint return? adjusted Gross...
- Assuming that Norma itemized deductions in 2019 (which totaled $27,700), how will the refund of 52,196 that she received in 2020 reated for Federal income tax purposes Norma will include s as income in 2020. c. Assume that Norma itemized deductions in 2019 (which totaled $20,000) and that she elects to have the $2,196 rend her 2020 state income tax liability. How will the 52,196 be treated for Federal income tax purposes? pled toward Norma will include as income...
Problem 5-55 (LO. 3) How does the tax benefit rule apply in the following cases? a. In 2018, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit for $1,000 to Sammy. The cost of the furniture was $600. In 2019, Orange took a bad debt deduction for the $1,000. In 2020, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2018, the 12% marginal...
Problem 5-55 (LO. 3) How does the tax benefit rule apply in the following cases? a. In 2018, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit for $1,00 to Sammy. The cost of the furniture was $600. In 2019, Orange took a bad debt deduction for the $1,000. In 2020, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2018, the 12% marginal...
22. Sherry, age 40, whose filing status is single, paid state income taxes in 2019 totaling $3,200. Sherry di not pay any property taxes, sales taxes, or use taxes in 2019. On her 2019 federal income tax return, her itemized deductions totaled $12,600. In 2020, Sherry files her 2019 state income tax return and receives a $1,100 refund. a) Sherry must include $200 in her 2020 gross income. b) Sherry must amend her 2019 Federal income tax return to reduce...
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